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Whole Foods Market said it expects to open the first five units of its new, smaller format — 365 by Whole Foods Market — in the second half of next year and to double the number of openings the following year.
The stores will average 30,000 square feet, with the first unit scheduled to open in the Silver Lake area of Los Angeles — at a site where the company said it converted a lease in development from a Whole Foods Market to 365 — followed by openings in Santa Monica, Calif.; Portland, Ore.; Houston, Texas; and Bellevue, Wash.
Walter A. Robb, co-CEO, said all five are A-plus real-estate sites.
He said Whole Foods chose Silver Lake for the first 365 location “[because] Los Angeles is the perfect dense, urban market to introduce our latest evolution focused on quality food and value in a convenient format.”
He said 365 will allow the company “to address the value-quality proposition in a new way while maintaining the integrity the Whole Foods Market brand represents in the marketplace.”
Robb made his remarks during a conference call with investors detailing the company’s financial results for the third quarter ended July 5.
Net income for the 12-week quarter rose 2% to $154 million, while sales increased 8% to a record $3.6 billion and comparable store sales were up 1.3%, including a negative impact of an estimated 95 basis points from the shift of Easter from the third quarter last year to the second quarter this year.
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